• Paula Williams
  • Sep 26, 2019

How Electronic Signatures Help Banking Industry Be More Efficient
Paula Williams IoT Development Sep 26, 2019 154

How Electronic Signatures Help Banking Industry Be More Efficient

Like other sectors, the banking industry has gained massively from modern technology innovations such as an electronic signature. At first, the electronic signature for banking faced scepticism from all over. Today, it is almost impossible to remain at the top of the league without implementing eSignature for banks. In past years, customers were required to physically present themselves in their respective banks for basic transactions.

Take a loan application, for example. Acquiring a bank loan used to be a frustrating and time-wasting process. Signing loan application and approval documents was a complicated back and forth affair. Unsurprisingly, doing things the old fashioned way meant many banks struggled to make a mark in terms of growth and efficiency. To make it to the top level of success, financial institutions strategists had to come up with excellent strategies to make their customers happy lest they go out of business. After all, inefficiency can be a major obstacle to development.

Different ways Electronic Signatures Help Banking Industry to be more efficient

1. Quick Services

Electronic signatures have been a great boost for the banking industry. Numerous banking transactions such as documents signing, account opening, investments and loan approvals can be done digitally thanks to advanced technology. Customers no longer have to waste precious time in banking halls just to sign documents. Electronic Signature for banking has led to improved efficiency in the sector. Deals are being closed online using smart mobile devices such as tablets, smartphones, and laptops among others. Banks are experiencing quick turnaround times through mobile competences which accelerate their growth while keeping the customer happy.

2. Quick revenue turnaround

The old paper-based system affected revenue turnaround negatively. Customers endured prolonged waiting periods to access services or execute various banking transactions to their dissatisfaction and dislike. Nevertheless, delivering quantifiable results in a matter of seconds is no longer a fantasy but a reality for banks. Implementing electronic Signature for banking has made life easier for both customers and financial institutions. Customers can repay their loans digitally from any location leading to quick revenue turnaround for banks.

3. Improved security

E-signatures solutions for banks cultivate enhanced security for sensitive documents. Previously; it was common for delicate documents to get altered, modified, sabotaged, forged or even stolen. The electronic signature couldn’t have come at a better time. This technology has enabled signers to sign important documents digitally without fear of forgers. Documents have fewer errors, standardized templates, tracking functionality, audit trail and better security features. In an event where an unauthorized person tries to modify, forge or tamper with electronically signed documents, eSignature for banking offers 100% guaranteed data integrity for all your banking transactions.

4. Convenience

Customers want convenience, that’s it. They are the bosses and backbone of any business. Electronic signatures are an empowerment tool for banks to provide better services for their customers. They eliminate all the inefficiencies that may inconvenience their customers. E-signature solutions for banks free up precious time wasted preparing, printing, scanning, downloading and emailing documents for signing. Also, eSignatures offer improved security for documents. Signers can be verified by their eSignatures, documents signed remotely and banking services delivered online with minimum hassles to customers’ delight.

5. Better customer service

Providing superior is the key to a successful business. Customers prefer doing business with organizations or institutions that treat them with utmost respect and care. Electronic signatures eliminate inconveniences that may trigger customer dissatisfaction. The technology minimizes unnecessary conflicts between banks and customers. Electronic solutions for banks lead to fewer delays, errors on signed documents, improved efficiency, the faster turnaround time for loans and better customer experience.

6. Reduced operational costs

Just like many businesses, banks require bulk papers to provide services and generate revenue. As expected, paper processes consume a large chunk of their budget due to the substantial documentation involved. To minimize operational costs many financial institutions are investing in modern technology. In yesteryears, banks used to spend millions of dollars on paper, storage, printing, photocopying, shipping, faxing and labor. Going paperless ensures a quick ROI for banks. Fortunately, those who are quick to capitalize on e-signature can close deals, approve loans and have documents signed without having to spend an extra dime. As a result, financial firms manage to cut down on paper, improve customer experience, increase legal acceptance and reduce energy bills. Generally, a paperless system is the bridge to reducing paper waste, saving money, easing the compliance burden and increasing efficiency.

7. Improved Transparency

Electronic solutions for banks pave the way for transparency. Banks can easily keep track of their customers by their electronic signatures which is a plus for the financial industry. Multiple signers can effectually sign documents remotely fostering customer satisfaction. Financial institutions can also send reminder emails to borrowers as well as keep track of signed documents always. Customers, on the other side, can go on with their lives knowing nothing can happen to their banking documents at any given time. Improved transparency fosters customer loyalty and trust leading to solid long term relationships.

8. Improved customer loyalty

Customer loyalty is everything in any business. In a modern set up of doing business, there will always be losers and winners concerning customer loyalty. Most customers will not hesitate to ditch you for your rival if they feel that you’re taking them for granted. Luckily, electronic signatures empower banks to provide instant feedback to customer requests, improve efficiency, and resolve customer concerns quickly for extraordinary customer experience.

9. Reduced costs, improved productivity

Electronic signatures eliminate the need for substantial paper-based documentation, processing, and storage. Digitalization of processes reduces costs such as emailing, printing and paper costs. With eSignature solutions, banks can successfully provide quicker services to customers, thus saving valuable time which can be used to improve productivity.

Conclusion

Believe it or not, electronic solutions for banks is the key to regulations compliance, 24/7 customer support, better customer experience, mobility, plus improved efficiency. To keep up with the rapidly changing customer trends, only financial institutions with bigger digital visions will claim a lion’s share of the market.

 

Author:

  • Paula Williams

    Paula Williams

    Sep 26, 2019

    Advising new businesses on formation of corporations and business structures, drafting privacy policies and structuring commercial transactions. Strategic Consulting, including business plan & sales strategy development.

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